Before you invest, you should first make a vivid picture of what you plan to do with the profits. Setting a goal allows you to motivate yourself and endure serious emotional or financial backlashes, as it provides more conviction for you to continue.
Whether your goal is a long term or a short term, it has to be attainable and not out of this world. It can be a plan to buy a car or a house. It can be a plan to fund a college education for your kids. Or prepare for your retirement funds.
Whatever the reason you have for investing, a financial goal is a must have for every investor. But not only that, your goal has to be specific. A simple “I want to get rich” is not suffice. You have to make a detailed impression of your goal. You can opt for the simpler ones, like how rich you want to be, or you can make a very detailed one, such as a red convertible Jaguar or a 2-storey house with a large backyard and patio, the more specific, the better.
By setting a goal, you would be able to make wiser decisions based on what you want. It is highly advised that you consult with your financial planner, so they can provide you some information such as to how much you would be able to earn from your investment and ultimately, how long it will take you to be able to reach your set goal. Dedicate more of your time to research and to learn about the stock market on your own before starting any kind of investment.